Pharma BD Deal Intelligence
A $1B+ RNAi alliance where Roche paid $331M upfront for a non-exclusive license across oncology, respiratory, metabolic, and liver disease, plus Alnylam's Kulmbach research site—only for Roche to terminate the program entirely in 2010, writing off its investment while Alnylam went on to prove the technology viable.
RNAi bet failed completely: Roche terminated program in 2010 wrote off entire investment
Full analysis, sources & comparables →Roche and Alnylam formed a $1B+ alliance for RNAi therapeutics. Roche paid $331M upfront in cash and equity (including purchase of ~5% of Alnylam stock at $21.50/share). The non-exclusive license covered oncology, respiratory, metabolic, and liver diseases. Roche also acquired Alnylam's Kulmbach, Germany research site (~40 employees) as a new RNAi Center of Excellence. Roche later terminated the RNAi program in 2010.
$500M Early RNAi Market (2007)
RNA interference (RNAi) was a transformative therapeutic modality in 2007, awarded the Nobel Prize in 2006. Alnylam was the leading RNAi therapeutics company. The Roche alliance provided non-exclusive access to RNAi technology for oncology, respiratory, metabolic, and liver disease targets.
Roche's $1B+ RNAi alliance with Alnylam ultimately did not yield approved products for Roche, which exited the RNAi space in 2010 amid broader industry skepticism. However, Alnylam persevered independently and later launched Onpattro (2018) and Amvuttra (2022), validating the technology. This deal represents an instructive case of platform risk in early-stage partnerships.
Roche Holding AG closes licensing/option of Alnylam Pharmaceuticals Inc. for $1.0B, establishing strategic position and initiating integration.
Roche $1B RNAi alliance with Alnylam abandoned in 2010 when Roche exited the field writing off investment. Alnylam later proved the technology viable.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Roche Holding AG / Alnylam Pharmaceuticals Inc. (this deal) | 2007 | $1.0B | 41 |
| Roche Holding AG / Chugai Pharmaceutical Co. Ltd. | 2002 | $1.4B | 100 |
| Roche Holding AG / Ventana Medical Systems Inc. | 2008 | $3.4B | 88 |
| Roche Holding AG / Corange Ltd. (Boehringer Mannheim Group) | 1997 | $11.0B | 88 |
| Roche Holding AG / Ventana Medical Systems Inc. | 2007 | $3.4B | 88 |
| Roche Holding AG / Foundation Medicine, Inc. | 2015 | $1.1B | 87 |
| Roche Holding AG / Foundation Medicine, Inc. | 2018 | $5.3B | 85 |
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More: 2007 deals · Roche Holding AG deals · Metabolic deals